STEGOS:The fully scalable and prunable privacy blockchain

etinosirr (29)in #blockchain • 5 years ago

It’s not a contestable fact that every user on the web deserves complete privacy. The internet boom of the 1990s saw the birth of giant social media companies and multipurpose apps (payment processing, chat services, etc.) such as Facebook and WeChat. Social media platforms such as Facebook, Twitter, WeChat, etc. and current digital technology companies have allowed the world stayed connected with one another and have access to all services and benefits of the digital world. These services provided are free to the user or claim to be free but in reality, they come at a hidden cost to the user. The price we pay for such free services is our personal data which are used by their big corporations to generate revenues by either selling the data to data analysis companies or to generate targeted ads. In turn, users don’t actually have control over their personal information being handled by these companies. There have been instances where user data were sold by these companies violating user confidentiality and privacy rights. In reality, there is no company that would offer you complete privacy and full access to its services at the same time. Its either you pay for your privacy to be protected or you pay for the services you enjoy.
It’s even worse now because government agencies now liaise with these companies to keep privy eyes over its citizenry. From monitoring what its citizens do online down to tracking their online financial transactions, users are being watched 24/7 and under the radar of these government agencies and corporations. Information such as the location of users, monthly spending on eCommerce websites, activities on social media websites, etc. is all readily available to the government. Across the world, people are voicing their displeasure at how their privacy and data are being exploited for profit. There is a groundswell of demand for more secure and private alternatives.
Across the web and the traditional storage and data storage facilities such as online cloud services, emails, etc., users also have to watch out for hackers and cyber-criminals who can easily compromise their accounts and have access to their private files and details to perform fraud or engage in other malicious activity on the web.
The blockchain technology offers a promising future for users’ privacy. The blockchain technology offers a private and decentralized solution to the numerous privacy problems users currently encounter. Some tech. enthusiast already making use of the blockchain technology in the cryptocurrency industry have tried to remedy these privacy problems, especially as regards online financial transactions of the users by providing privacy coins/cryptocurrency which uses cryptographical technology such as Ring CT to hide user identity and records of transactions made. However, adoption levels have been disappointing.

The adoption rate for the use of these blockchain services and solutions has not been encouraging mainly owing to the fact that current blockchains are slow, unwieldy, and environmentally disastrous. Also, no privacy coin is as private as it claims to be. Some of the privacy coins in use today such as Monero, Dash, Grin, etc., all have their various flaws and shortfalls especially when they are analyzed in terms of unlinkability, untraceability, confidentiality, sharding etc. Current blockchain demands powerful hardware static hardware and their unfriendly interfaces put! this technology beyond the reach of regular users, without whom blockchain platforms are doomed to wither and recentralize. As users in all walks of online life increasingly migrate from desktop to mobile, crypto is failing to keep pace. There is yet to be a platform that’s absolutely private, secure, efficient and environmentally sustainable

The Stegos Solution

The stegos is a result of months of research into the flaws of existing privacy coins and shortcomings of privacy problems on the web. The stegos team with their wealth of experience in blockchain space have created a new privacy platform that combined a unique blockchain token design to implement the first cryptocurrency that’s absolutely private, secure, efficient and environmentally sustainable. Stegos has been able to create a fully scalable and prunable privacy blockchain and application platform by making using of the gamified proof of stake (gPOS) and the UTXO coin model. The UTXO coin model uses destination address cloaking and creates a Pedersen commitment.

Features of the Stegos Platform

Absolute privacy : Ever been worried about people monitoring your financial transactions and want to make such records anonymous and free from the privy eyes of the government or other monitoring bodies? Then the stegos platform is the best bet for an alternative. Stegos offers a way to hide details of your financial transactions online by directing transactions to new and unique stealth addresses. This makes it extremely difficult if not entirely impossible to identify the recipients of such transactions. Payment and data transactions in Stegos are unlinkable, untraceable, and completely confidential thanks to Stegos’ Snowball protocol.
Payments and messaging: While other privacy blockchains are mainly built for payment processing, the Stegos blockchain offers much more. The Stegos platform with its trusted application container (TAC) allows users to send and receive both private payments and data.
Scalability and data compaction: The bitcoin blockchain is correctly over 200gb in size and keeps growing. Details of all transactions right from the genesis block to the current block can still be found on the blockchain. This makes the bitcoin blockchain and other blockchains extremely cumbersome and requires a lot of computational power. The Stegos blockchain is small in size and scalable. It is a very compact blockchain such that it is small enough to run on mobile phones. It doesn’t need the ambiguous hardware and computational power as does other blockchains. It doesn’t store details of all transactions. Details of spent coins and consumed data are safely removed from the blockchain using secure cryptographic pruning.
Proof-of-stake (PoS): gamified Proof-of-stake (gPoS) consensus makes the Stegos blockchain environmentally friendly and does not require high electricity consumption to run its blockchain.
Mobile app: The Stegos mobile app is a multi-purpose mobile application that integrates a wallet, one-on-one and group chat, the TAC, the Privacy App Store and the Stegos red packets 4.3.2. This makes easier for users to access the platform easily and provides a gateway for them to access all the benefits the Stegos privacy platform has to offer.

Token Metrics

There will be a total of 1 billion STG coins available of which 51.26% will be sold publicly to raise $20 million. The remainder of the tokens will be used to compensate team members, advisors and backers, )etc., as well as used to operating costs.